26 Jul

London super-prime rentals upbeat

London super-prime rentals upbeat

Political and economic uncertainty means buyers are delaying purchasing prime properties in London, but this has had a positive impact on the capital's rental market.

Figures show tenants are prepared to pay £5,000 or more per week for a super-prime in the city.

A report from Knight Frank shows during the first four months of the year, 42 super-prime properties in London were rented - 27 per cent more than in the previous year.

More than 30 tenancies involved properties costing more than £10,000 per week and Knight Frank believe the rise in demand for such top properties is because potential buyers are opting to rent in the short term, while they watch how the current political and economic situation evolves.

Tom Smith, Knight Frank’s head of super prime lettings, said: "A wider mood of uncertainty has picked up following the snap general election and the start of Brexit talks.

"At this price point, there are tenants who are able to rent in the short-term and buy when they sense that a greater degree of stability has returned. One reason the number of tenancies agreed is not higher is due to limited stock availability."ADNFCR-1222-ID-801838185-ADNFCR

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